Aquatic product exporters advised to adapt to market fluctuations
In order for Vietnam's aquatic product exports to reach the target of 10 billion USD this year, businesses need to be more adaptative and adjust their operation plans to suit the market context, according to Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Thi Thu Sac.
Processing aquatic products for export (Photo: VNA)
Hanoi (VNA) - In order for Vietnam's aquatic product exports to reach the target of 10 billion USD this year, businesses need to be more adaptative and adjust their operation plans to suit the market context, according to Chairwoman of the Vietnam Association of Seafood Exporters and Producers (VASEP) Nguyen Thi Thu Sac.
Sac also advised enterprises to diversify export markets to avoid dependence on certain ones, and at the same time develop the domestic market.
The turnover of Vietnam’s aquatic product exports reached 4.36 billion USD in the first half of this year, up 4.9% year-on-year.
Among the top five importers, the US recorded the strongest growth, followed by China, the EU, and the Republic of Korea. As for product types, the group of crabs and crustaceans saw the strongest growth.
According to VASEP, a slight increase in export turnover in the first half is a positive sign for this industry. However, the shrimp sector, which brought about 1.3 billion USD in export revenue in the first five months, continues to face many challenges as the world economic situation shows no signs of recovery, and inflation remains high.
Tran Van Minh, Director of Nha Trang Seafoods F89 Joint Stock Company in the Meking Delta province of Bac Lieu, said that his company, faced by difficulties and challenges caused by the world economic downturn and tensions between Russia and Ukraine, has promptly adjusted its production and business strategies to improve shrimp export efficiency to the US and EU markets. In addition, it is studying to expand its market to other countries, especially the Asian and Latin American markets.
In particular, the company is focusing on improving raw materials, and increasing production capacity to create quality export products with high competitiveness, so as to ensure that they meet strict standards of the US and EU markets.
To achieve that, the firm is promoting cooperation with farꦍmers and cooperatives through signing contracts, and help farmers with techniques, breed selection, feed, veterinary medicine, and disease control./.
The demand for aquatic products is expected to pick up from the third quarter of this year, with many associated challenges requiring advertisements and the diversification of business products and markets.
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Vietnam raked in 2.7 billion USD from exporting aquatic products in the first four months of 2024, representing a year-on-year increase of 6%, the Association of Seafood Exporters and Producers has reported.
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